Dubai-backed casino operator to demolish defect tower

  • Share via facebook
  • Tweet this
  • Bookmark and Share
CityCenter Holdings is a joint venture between MGM Resorts International and Dubai World subsidiary Infinity

CityCenter Holdings is a joint venture between MGM Resorts International and Dubai World subsidiary Infinity

MGM Resorts International, the Las Vegas casino operator part-owned by Dubai World, is to demolish a 27-storey tower that was to anchor its $8.5bn CityCenter Aria Resorts and Casino after experts said there was a risk it could collapse in the event of an earthquake.

Officials and engineering experts in Las Vegas had expressed concerns that the 27-storey hotel and condominium Harmon Tower was not structurally safe and halted construction work.

MGM this week said it would be too costly and time consuming to correct the “faulty construction” and submitted an application to have the unfinished building demolished.

“Based on…expert advice, CityCenter is recommending that the structure be demolished by implosion,” said Gordon Absher, vice president of public affairs for MGM Resorts International.

The demolition is likely to take place within the next six months.

Dubai World holds a 9.5 percent stake in MGM and is a joint partner in the Los Vegas-based CityCenter casino project.

MGM this month reported better than expected second-quarter earnings, as revenue rose 17 percent to $1.81bn, beating the $1.61bn analysts forecast by analysts.

Resort Ebitda at the $8.5bn CityCenter joint venture of hotels, condominiums, a casino and mall on the Las Vegas Strip was $64m in the second quarter, on revenue of $275m.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Top 40 most powerful architects in the Middle East

Top 40 most powerful architects in the Middle East

Our annual shakedown of the region's 40 most influential and...

Slumping oil won't derail $500bn Gulf infrastructure plan

Slumping oil won't derail $500bn Gulf infrastructure plan

Rich GCC nations will deploy huge reserves to maintain a breakneck...

1
Revealed: GCC's top 10 developers

Revealed: GCC's top 10 developers

The biggest players behind many of the region's most ambitious...

Most Discussed
  • 14
    Nakheel PR: The toughest job in Dubai?

    To be fair, anyone who still decides to invest their capital with Nakheel with all the data and track record available, deserves whatever comes their way... more

    Sunday, 29 March 2015 9:05 AM - Paul King
  • 8
    Drunk passenger who slapped air stewardess jailed in Dubai

    Really would help if some other commentators would understand the story and the airline.
    Flydubai doesnt give alcohol for free. They charge for it... more

    Sunday, 29 March 2015 9:07 AM - Ponder
  • 7
    Post traumatic stress?

    I always use couriers since my last experience at the DIFC post office. I never expect proper customer service, the usual sullen employees too busy with... more

    Sunday, 29 March 2015 12:54 PM - MT3
  • 14
    Nakheel PR: The toughest job in Dubai?

    To be fair, anyone who still decides to invest their capital with Nakheel with all the data and track record available, deserves whatever comes their way... more

    Sunday, 29 March 2015 9:05 AM - Paul King
  • 14
    Has Narendra Modi already lost the plot?

    Gaja - Anil is RIGHT this once! Modi stands for anarchy. Look at the way he is treating the minorities. Do you even for a second believe that he is innocent... more

    Sunday, 29 March 2015 1:42 PM - Ann
  • 8
    Drunk passenger who slapped air stewardess jailed in Dubai

    Really would help if some other commentators would understand the story and the airline.
    Flydubai doesnt give alcohol for free. They charge for it... more

    Sunday, 29 March 2015 9:07 AM - Ponder